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Company News

Caixa has no plans to enter bidding consortium for Engie's stake in Suez - source

MADRID, Sept 15 (Reuters) - The investment holding of Spanish lender Caixabank has no plans to take part to any bidding consortium that could submit a bid for Engie’s stake in French utility firm Suez, a source with knowledge of the matter told Reuters.

Caixa ranks as Suez’s second biggest shareholder through its investment unit which holds a 5.9% stake in the company.

The source said Caixa is waiting to see the outcome of a bid proposal made by French water and waste management company Veolia for the 29.9% of Suez held by Engie - its top investor.

He added Caixa is not playing any active role in trying to help Suez fend off Veolia’s bid approach.

Suez management sees Veolia’s bid approach as hostile and is working on finding an alternative solution to Veolia that could see a consortium of financial investors make a rival bid for Engie’s stake, sources have said.

Representatives at Spain’s Criteria, the parent company of Caixabank, and Suez declined to comment. (Reporting by Jesus Aguado in Madrid, additional reporting by Benjamin Mallet in Paris, writing by Pamela Barbaglia; editing by David Evans)

Nuestros Estándares: Los principios Thomson Reuters.

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